when u win lottery, why should u hire a lawyer

Full Answer

What kind of lawyer should you hire after winning the lottery?

There are different types of lawyers you’ll want to look for after winning the lottery. A tax lawyer, trust and estate attorney, and asset protection lawyer are just a few examples. Ideally, you'll want just one lawyer who can fulfill all those roles. If that isn't possible, at least look for ones who work in the same firm.

Who can help lottery winners?

Panouses has an entire office ready to help lottery winners. This lawyer has more than three decades of experience in various fields. Over time, he helped clients in various areas, which makes him a reliable choice. The list of clients Panouses helped is long, but the most famous one is Maureen Smith.

Who is the go-to attorney for lottery winners?

Billed as the “go-to attorney for jackpot winners,” Jason Kurland is often called upon by the national media for lottery commentaries. Whenever jackpots reach record highs, expect him to give his 2 cents. Kurland has also represented some of the biggest winners in recent lottery history, including:

Who should I hire to validate my lottery ticket?

Before any winner presents a ticket for validation, he or she should hire three people: an accountant, a financial advisor and an attorney. The Attorney. This is the first person to hire.

Why do you need a financial advisor if you win the lottery?

Although state and local taxes are not withheld on any Lottery prize, you may still be liable for any California state and local personal income taxes based on your overall annual income and tax liability. Please consult a professional tax adviser to help you determine your total tax liability.

Does winning lottery affect Social Security?

Lottery winnings do not affect Social Security disability income (SSDI), but it can reduce or eliminate any Supplemental Security Income (SSI).

What kind of trust is best for lottery winnings?

Irrevocable trusts protect lottery winnings because the assets legally do not belong to you. They also benefit your survivors as they are not subject to estate taxes. Blind trusts are also suitable as they protect your winnings from unscrupulous relatives and friends who want your property.

What is the best advice for a lottery winners?

The first thing you should do after receiving the news that you've won a jackpot is to check the rules for claiming your prize. You absolutely don't want to miss the deadline, but you also want to get your ducks in a row before you make your claim.

Can I retire if I win the lottery?

Even if the holder takes the $496 million cash prize over the full jackpot amount spread out over 29 years in an annuity, he or she should have ample income for a potentially long retirement. A chance at that kind of money can be hard to pass up, even if the odds of winning a Powerball jackpot are 1 in 292.2 million.

How do I give my family money to the lottery?

Currently, that amount is about $5 million a person. Any property given away over that is taxed at the rate of 35%. So by claiming the lottery winnings as a family partnership, a winner can claim that they are not making a taxable gift, because it was a family investment. This could save millions in gift taxes.

How do you protect yourself after winning the lottery?

Here are tips for big lottery winners to try to maintain their privacy.Handling your ticket. The standard advice is to sign the back of your ticket. ... Keep quiet. While you might be eager to share your exciting news, experts say the fewer people who know, the better. ... Money management. ... Plan an escape.

How do I keep my lottery winnings secret?

How to Stay Anonymous After Winning the LottoGet a Lawyer. Person picking numbers for lottery. Image Credit: payphoto/iStock/Getty Images. ... Establish a Trust. A lottery ticket. ... Claim the Prize. Man scratching lottery ticket with coin. ... Protect Your Assets. Sign on the side of the IRS building in Washington, D.C.

How do you live off lottery winnings?

How to Live Off the Interest From a Lottery WinWritting down your debts gives you a clear picture of your financial situation. ... Make a budget. ... Add up the monthly payments and multiply the total by 12 to determine if you can truly live off of the annual interest payments. ... Pay your monthly debts on time.

How do I hide lottery winnings from my family?

If you win the lottery and really want to stay anonymous, research the rules for your state. You might be able to claim the money in the name of a trust. Then find trusted advisors like tax attorneys, trust and estate attorneys, and accountants.

How long does it take to get your money if you win the Powerball?

If you elected the cash option or if your prize is only offered in a single payment, your check should arrive approximately six to eight weeks from your claim date. If your prize is to be paid in installments, your first payment should be available within six to eight weeks from your claim date.

What happens when u win the lottery?

Lottery winners can collect their prize as an annuity or as a lump-sum. Often referred to as a “lottery annuity,” the annuity option provides annual payments over time. A lump-sum payout distributes the full amount of after-tax winnings at once.

What Is a Lottery Lawyer?

Big lottery winners may feel overwhelmed by the number of decisions they have to make before they even claim a jackpot. To make things even more confusing, each state that participates in the lottery has its own procedures for claiming a prize and for minimizing tax liability. That's why a lawyer's help really comes in handy.

What Lottery Lawyers Do for Jackpot Winners

If you've just won a bundle of cash, you might balk at giving a big chunk of it to a lawyer right off the bat. However, hiring a good lawyer really pays off in the long run. Here are some examples of what lottery lawyers do for jackpot winners:

How to Hire a Lottery Lawyer

Winners spend a lot of time with their financial team, so it's important to find someone they trust and feel comfortable with. And of course, the lawyer should be familiar with the unique problems lottery winners face.

When Should You Hire a Lottery Lawyer?

If you win a large prize in a lottery, getting a good lawyer should be a priority. You'll want to have representation before you tell anyone outside of your immediate circle of family and trusted friends that you've won, and certainly before you claim your prize.

Why do you need an attorney for financial planning?

An attorney could be necessary because people would pour out of the woodwork attempting to seperate you from your new found wealth.

Is winning the lottery a curse?

While many people think winning the lottery is a dream come true, it’s also a curse with enormous responsibility that will require a great deal of courage and great professional advice to allow you to enjoy the winnings.

Can you claim a lottery prize anonymously?

Turns out claiming a lottery prize anonymously is really hard. Unless you happen to live in one of six states - Delaware, Kansas, Maryland, North Dakota, Ohio and South Carolina - you are not permitted to claim the lottery prize anonymously.

Why do you need a lawyer for lottery winnings?

Some of the benefits of hiring a lottery lawyer are: They can help you keep as much of your winnings as you legally can. They can help protect your identity. They can introduce you to the right people. They can set up your estate for your family's future.

What is a good lottery lawyer?

They can protect you from potential lawsuits and counsel you in such events. A good lottery lawyer will help you find legal ways of minimizing your tax liability. They'll also be able to assist you in setting up a trust or other legal entity to claim your winnings, if you need to.

What to look for when choosing a lottery lawyer?

What to Look For When Choosing a Lottery Attorney. You should take your time when looking for a lottery lawyer. The difference between a good lawyer and a bad one can easily cost you your money, time, and worse. Choose from different candidates, so you can find the best one.

What to do if you win the lottery?

If you won the lottery, the first person you want to hire: an attorney. That’s right, just one. It’s true that you’re going to need all sorts of lawyers who specialize in taxes, trusts, estates, and the like. But, you don’t really need to hire an entire cavalcade immediately.

Who won the 2011 Powerball?

Kurland has also represented some of the biggest winners in recent lottery history, including: Putnam Avenue Family Trust: Also known as the winner of the $254 million Powerball jackpot of November 2011. Rainbow Sherbert Trust: Also known as the winner of the $336 million Powerball jackpot of March 2012.

Who is the 1/3 of the Powerball winners?

Among his most notable clients include Maureen Smith and David Kaltschmidt. The married couple is better known as 1/3 of the winners of the $1.58 billion Powerball jackpot back in January 2016. On top of providing legal counsel, Panouses also acts as the defacto PR person for the couple.

Do lottery lawyers have to be good?

Well, yes. They're not absolutely necessary, but a good lottery lawyer can keep you from making bad decisions that could jeopardize you or your wealth. They'll be there to stop you from making common mistakes that cause lottery winners to go broke.

Factors That Reveal You Need a Lottery Lawyer

Here are some signs that tell you that you should hire a lotto attorney:

What Lawyer Types Should Lottery Winners Hire?

The primary requirement is that you get a skillful and experienced attorney. Even if he’s your friend, you shouldn’t trust a lawyer with no reputable clients in their portfolio.

Factors to Consider When Choosing a Lottery Lawyer

The process of hiring a lotto lawyer isn’t different to hiring an attorney in any other area. Investing some time and effort in finding a suitable expert is vital for your future. Check out the factors to consider during the selection process!

The Best Attorneys and Lawyers Who Specialize in Lottery Winnings

If you don’t already have an expert in mind, how about letting us suggest lawyers that specialize in lottery winnings? Check out these attorneys and pick your favorite!

How to Hire a Lottery Lawyer

Do you want to hire a professional lotto attorney? Here are the steps to take when partnering with an expert:

Lottery Lawyer Fees

The cost can vary significantly, but the services of an expert can be expensive. That means you might need to pay around $100-$150K in the first 12 months of using the attorney’s services. The good news is that you will cover all the basics during that time.

What Lottery Lawyers Do for Jackpot Winners

What services can you expect from a professional attorney? Here are some situations when you could benefit from a lawyer:

What to do after lottery win?

3 People You Must Hire After a Lottery Win 1 The Attorney. This is the first person to hire. An attorney can help you keep the ticket safe until you have your team in place to help you handle your winnings. An attorney may advise you to set up a trust and transfer “ownership" of the ticket to the trust, for which you are the sole trustee. You’ll still receive your winnings, but the trust can save you on taxes. 2 The Financial Advisor. This person will help you set up accounts that keep your money growing in order to guarantee a safe income for you throughout your lifetime. A financial advisor will also investigate any financial investment requests that you will receive from family, friends or people you’ve never heard of, but who will assure you that you can make millions more with their method or product. 3 Accountant. This person will handle all the tax matters and keep you out of trouble with the IRS. After the government takes their initial cut, there are still more taxes to pay.

Who can help you keep a ticket safe?

The Attorney. This is the first person to hire. An attorney can help you keep the ticket safe until you have your team in place to help you handle your winnings. An attorney may advise you to set up a trust and transfer “ownership" of the ticket to the trust, for which you are the sole trustee.